Posted on May 21st, 2007 by Tim Menk
Even as the U.S. housing market has cooled, the market for vacation homes is still growing. 2006 set a new record for the number of vacation homes purchased in the U.S. This is fuelled in part by the wealth of many baby boomers, called “the richest generation in the history of the planet” by demographer Peter Francese, it has also been driven by tax deductions that can result in significant tax savings for second home owners.
Believe it or not, a change in the tax law gets a lot of credit for a recent boom in the number of Americans buying second homes. The change allows most home sellers to take up to $500,000 of profit tax-free. Before 1997, sellers generally had to buy a more expensive home to avoid being taxed on profit from a sale. Now you can trade down to a less expensive house and use profit from the sale of the big place as a down payment on a second home.
Via Kiplinger.com
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Filed under: Finance, National, Taxes, Vacation Homes | No Comments »
Posted on May 19th, 2007 by Ellen Newbury
The SIMA expo in Madrid, Spain is coming right up May 29 - June 2. SIMA is the largest international real estate expo in the world, attracting over 160,000 visitors and over 800 exhibitors. Exhibitors include both residential and commercial real estate firms, financial institutions and more.
The general public can get into the expo for free if you pre-register. If you don’t register before the event, admission is 10 Euros at the door.
More information can be found at SIMAexpo.com.
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Filed under: Buying, International, Investment Homes | No Comments »
Posted on May 18th, 2007 by Tim Menk
Vacation homes have been sprouting throughout North America for 150 years or more. Now, these sprouts are becoming increasingly green, as a combination of good intentions, guilt and the quest for bragging rights spur owners of second homes to go green.
Via New York Times
You can read the 2nd annual green issue of 2ndhome Journal here.
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Filed under: Design, National, Vacation Homes | No Comments »
Posted on May 17th, 2007 by Florence Beaton
In Part 1, I detailed what’s generally involved in a home inspection from the seller’s point of view. In this part, I’ve included a list of things you can do to make your home inspection go more smoothly.
Start outside
- Repair minor things like loose steps, rotted trim, disconnected gutters, and anything else that can be quickly and easily prepared.
- Check for loose metal flashing around your chimney, plumbing vents, and elsewhere on your roof.
- Some minor landscaping may also give your home a more polished look, which may improve the inspector’s overall opinion of the home (just don’t use landscaping to try to hide defects).
Inside
- Give your mechanical systems an honest once-over. Make sure that your furnace and/or air conditioning units have been inspected recently. Also have your chimney cleaned.
- Fix leaky fixtures. Also fix any electrical outlets that aren’t working.
- Make sure that any damage to interior paint or trim is fixed. Consider painting rooms that have stains or marks on the walls, but stick with a neutral color.
Another smart way to survive a home inspection is to get one done yourself prior to getting any offers. This way you’ll know exactly what should turn up in a buyer’s home inspection. Finding a major problem after a home inspection can ruin a sale, especially if problems turn up that both the buyer and seller didn’t expect.
Via realestate.aol.com
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Filed under: Investment Homes, Selling, Tools, Vacation Homes | No Comments »
Posted on May 16th, 2007 by Tim Menk
With a reverse mortgage, you might say that after a lifetime of making payments, that turnabout is fair play.
Would you like to keep your current home after you retire but think you can’t afford it? If you are 62 or older, there is a choice you might like to explore. It’s called a reverse mortgage. This type of mortgage is growing in popularity as members of the baby boom generation near retirement. It allows you to tap the inert equity in your primary residence as a source of income. How you spend that money is up to you.
AARP has an article with some basics about this mortgage option.
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Filed under: Finance, Investment Homes, Mortgages, Vacation Homes | No Comments »
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